TSYS, a Columbus-based leading payment processing provider, has teamed up with Featurespace, a UK provider of Adaptive Behavioral Analytics and creator of the ARIC™ platform, over the launch of their joint product dubbed TSYS Foresight ScoreSM with Featurespace®.

The new solution specifically aims fraud prevention, thus, decreasing the volume of losses on fraudulent transactions, which according to the data provided by the Nilson Report ® reached 21.84 billion US dollars in 2015 and is forecast to reach as much as 31 billion US dollars by 2020.

The new fraud prevention solution is based on the Artificial Intelligence capable to learn eventually customer behavior eliminating the need for explicit programming of the software helping issuers mitigate fraudulent transactions on payment cards. The solution is powered by Featuerspace’s ATIC® behavioral analytics technology running in real time and developed out of the University of Cambridge.

Pam Joseph, a president and COO at TSYS, notes that Foresight Score will enable their clients to identify and minimize frauds committed with payment cards while decreasing the false-positive alerts resulting in higher profits and operational efficiency.

Martina King, CEO of Featurespace, adds that their ARIC solution was specifically developed to assist businesses and financial institutions in managing a range of problems including transactional fraud. In combination with expertise of TSYS and its extensive customer base the technology brings huge potential in the fraud prevention.